11/19/2003 @ 9:52AM

Apple Computer Could Run Out Of Steam

Banc of America Securities said
Apple Computer
“runs the risk of generating significant refresh sales to its installed base for the next couple of quarters, and then running out of steam once sales to the installed base are satisfied.” The research firm said, “We don’t think there is any more creative company in the world than Apple.” It also added that Apple’s fundamentals are “positive.” But Banc of America initiated coverage of Apple at “neutral,” saying it was concerned that G5 refresh sales will slow, iTunes won’t contribute to the bottom line and iPod is not “the only game in town anymore.” Banc of America said Apple is fairly valued at $21. Shares are down 3 cents to $20.38.